Canadians are increasingly experiencing record-breaking extreme weather that threaten our homes and livelihoods, make groceries more expensive, harm our personal health, drive up insurance rates, and impose significant costs across the supply chains of our economy. Building a cleaner economy is not only an environmental imperative, but an economic opportunity. Taking action to fight climate change is positioning Canada to be a global leader in the clean economy of the 21st century, creating good jobs while returning cost-savings for Canadian families.
Today, the Honourable Steven Guilbeault, Minister of Environment and Climate Change, announced that Canada will aim to reduce emissions by 45-50% below 2005 levels by 2035, setting a responsible and ambitious target that maintains our path to a strong, net-zero economy.
The 2035 target builds on Canada's existing 2030 target, which aims to reduce emissions by 40-45% below 2005 levels. In 2015, Canada's emissions were projected to increase by 9% by 2030 when compared to 2005 levels but we are now successfully bending the curve. Thanks to the efforts of all Canadians, our economy continues to grow, all while we're cutting pollution.
Canadians have made this progress possible. And Canada is poised to continue this progress by attracting up to $25 billion every year to reduce emissions, spark innovation, and expand access to sustainable options. The newly established target for 2035 will ensure Canada's sustained momentum towards a clean and sustainable economy by mid-century.
In the near term, Canada will seek feedback on how to help companies take advantage of the economic opportunities that come with building a clean economy. This will include engaging with a broad range of partners and stakeholders to examine the role technologies that permanently remove carbon dioxide can play in this transition. In doing so, Canada will signal the importance of this suite of emerging technologies and explore the benefits and challenges associated with them, including how to most effectively leverage their economic potential.
The 2035 target was informed by the best available science, Indigenous Knowledge, international climate change commitments, consultations with provinces and territories and expert advice. It will orient the next decade of climate action in Canada, while reflecting the needs of Canadians and the economy. The climate action we take today will lead to a greener, more prosperous low-carbon economy tomorrow.
